(Bloomberg) -- Marks & Spencer Group Plc Co-Chief Executive Officer Katie Bickerstaffe will stand down in July, handing full control to Stuart Machin, who’s already responsible for day-to-day leadership of the UK retailer.

The UK food, clothing and homewares store chain said Thursday that Bickerstaffe will “pursue her board career.” Sky News had reported Wednesday that she will become a non-executive director of Kingfisher Plc, the owner of home-improvement retailers B&Q in the UK and Castorama in France.

M&S shares were down 1.7% in early trading Thursday. They’ve risen more than 70% since Machin and Bickerstaffe took on their current roles at the retailer in May 2022, replacing former boss Steve Rowe.

Their turnaround of Marks & Spencer, a favorite of England’s middle-class shoppers, has gained pace after years of failed efforts. The company reported strong holiday sales growth as shoppers splashed out on premium Christmas food and gifts.

Read More: Christmas Grocery Sales Soar at Tesco, Marks & Spencer

M&S reinstated its dividend toward the end of last year, for the first time since before the pandemic.

M&S earned a crucial legal victory last week when a London judge said the UK government had unlawfully blocked the retailer’s plan to demolish and rebuild its century-old Oxford Street store in central London.

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Bickerstaffe in 2022 became the first female co-CEO in M&S’s history. She formed a partnership with CEO Machin, who is responsible for running the business, while Bickerstaffe has been focusing on online operations and data. Both have been working with Chairman Archie Norman, a former Conservative member of Parliament who joined the retailer in 2017 after leading a turnaround at supermarket chain Asda.

M&S agreed a joint-venture in 2019 with Ocado Group Plc, an online grocer popular with affluent British consumers. However, the arrangement has disappointed so far.

Read More: Ocado Predicts Warehouse Growth After £400 Million Loss

Before joining M&S, Bickerstaffe worked as an executive at mobile phone retailer Dixons Carphone, now part of Currys Plc. She holds non-executive roles at housebuilder Barratt Developments Plc and the England and Wales Cricket Board.

A representative for Kingfisher declined to comment.

--With assistance from Jennifer Creery.

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